The IVA standing committee, chaired by the Insolvency Service, is the body responsible for maintaining and strengthening the protocol. It is made up of key stakeholders including the regulatory professional bodies, debt advice sector, creditor representatives and insolvency practitioners.
The IVA protocol was last updated in 2016 and since this time the debt landscape has undergone significant changes. On the 1 st August 2021 the updated protocol came into effect. At Bennett Jones we believe the protocol helps our clients by providing them with the assurance that we comply with high standards of professional advice and enjoy good working relationships with all major creditors.
Commenting on the changes to the Protocol Gregory Mullarkey the CEO of Bennett Jones Insolvency and a licensed insolvency practitioner said
“The work done by the IVA standing committee has resulted in a welcome update to the provisions of the IVA protocol. We welcome the changes which are brought into effect by the new protocol as they will assist all stakeholders including individuals with unmanageable debts and the creditors to whom they owe money with improved guidance and advice standards. The new protocol will undoubtedly strengthen the IVA as an important debt solution for people in financial difficulty”Gregory Mullarkey